Form 4 - Statement of changes in beneficial ownership of securities

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MAVROLEON BASIL G

(Last)

(First)

(Middle)

C/O GENCO SHIPPING & TRADING LIMITED

299 PARK AVENUE, 12TH FLOOR

(Street)

NEW YORK

10171

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
GENCO SHIPPING & TRADING LTD [ GNK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/30/2023

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								739	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾⁽²⁾	11/30/2023		A		15.42⁽¹¹⁾		⁽²⁾	⁽²⁾	Common Stock	15.42	$0	1,610.99	D
Restricted Stock Units	⁽¹⁾⁽³⁾	11/30/2023		A		220.8⁽¹¹⁾		⁽³⁾	⁽³⁾	Common Stock	220.8	$0	23,066.13	D
Restricted Stock Units	⁽¹⁾⁽⁴⁾	11/30/2023		A		111.27⁽¹¹⁾		⁽⁴⁾	⁽⁴⁾	Common Stock	111.27	$0	11,624.4	D
Restricted Stock Units	⁽¹⁾⁽⁵⁾	11/30/2023		A		63.01⁽¹¹⁾		⁽⁵⁾	⁽⁵⁾	Common Stock	63.01	$0	6,582.39	D
Restricted Stock Units	⁽¹⁾⁽⁶⁾	11/30/2023		A		130.63⁽¹¹⁾		⁽⁶⁾	⁽⁶⁾	Common Stock	130.63	$0	13,646.45	D
Restricted Stock Units	⁽¹⁾⁽⁷⁾	11/30/2023		A		172.12⁽¹¹⁾		⁽⁷⁾	⁽⁷⁾	Common Stock	172.12	$0	17,980.46	D
Restricted Stock Units	⁽¹⁾⁽⁸⁾	11/30/2023		A		66.51⁽¹¹⁾		⁽⁸⁾	⁽⁸⁾	Common Stock	66.51	$0	6,948.58	D
Restricted Stock Units	⁽¹⁾⁽⁹⁾	11/30/2023		A		52⁽¹¹⁾		⁽⁹⁾	⁽⁹⁾	Common Stock	52	$0	5,432.46	D
Restricted Stock Units	⁽¹⁾⁽¹⁰⁾	11/30/2023		A		72⁽¹¹⁾		⁽¹⁰⁾	⁽¹⁰⁾	Common Stock	72	$0	7,521.92	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents the right to receive one share of the issuer's common stock, or in the sole discretion of the issuer's Compensation Committee, the value of a share of common stock on the date that the RSU vests.

2. These RSUs vested on May 18, 2016.

3. These RSUs vested on May 17, 2017.

4. These RSUs vested on May 15, 2018.

5. These RSUs vested on May 15, 2019.

6. These RSUs vested on July 15, 2020.

7. These RSUs vested on May 13, 2021.

8. These RSUs vested on May 16, 2022.

9. These RSUs vested on May 16, 2023.

10. These RSUs generally vest on the earlier of (i) the date of the annual shareholders meeting of the issuer next following the May 16, 2023 grant date and (ii) the date that is fourteen months after the grant date.

11. Represents additional RSUs granted in lieu of the right to receive the amount of cash dividends paid on the common stock underlying the previously outstanding RSUs pursuant to the terms of the governing RSU agreements. The number of additional RSUs is calculated by dividing the amount of the dividend by the closing price per share of the issuer's common stock on the dividend payment date.

	/s/ Basil G. Mavroleon	12/01/2023
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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